The corrective rally we were looking for from the 125.12 low is unfolding nicely. The minimum target has already been fulfilled, but a final pop to 127.30 remains possible before the final push lower into the 124.59 - 125.12 zone. Ideally, this final push lower will complete just below 125.12, but under no circumstance can a break below 124.59 be allowed, as the break below here will force a recount for the decline from 137.50.
At this point, only a break above minor resistance at 128.65 will indicate that wave ii has completed, while a break above resistance at 129.46 will confirm that wave iii higher is developing.
We are long EUR from 126.25 with our stop placed at 124.50. We wlll take half profit at 127.25 and then wait for an opportunity to re-buy EUR at 125.15.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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